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IMF forcing an RI?


steveinfla
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I found this on another site- I have not read the article or verified it exists.

Some people in the dinarian world are claiming that the IMF is in control of the Iraq RV. I can tell you that this is not true.

The IMF is only an agency in the banking cartel that is there to give advice in the process of a country’s decisions of investment and selling of assets to help their GDPs, which in turn controls the value of a countries currency on the open markets.

Poor in country investing and lending can lead to currency devaluation, such as happen here in America back in 2008 with the housing bubble pop and the current lending situation within America at present, which is very low.

The subsequent out come in America’s currency value was a devastating blow that was getting close to the point of no return at 71.50+/- pips internal value. The point of no return is about .69 that is how close America was! Read the below article, which explains how all this works.

http://www.imf.org/external/pubs/ft/spn/2009/spn0929.pdf

IMF does more then give advice, that is laughable. As I recall Iraq had what seem like a choice in the beginning between U.S interest and working with the IMF or the Arab League other middle eastern interest. If you think they had a choice think again and if you think the IMF does not have any control then why do they have press releases on the Iraqi budget? It is all tied together in my opinion and those who follow me know they end with RV....

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I am a "newbie". I'm beginning to grasp all the necessary steps involved with the RV and have already learned not to listen to the pumpers....but with the risk of sounding totally stupid, what is an RI?

RI - Reinstatement of a currency to pre-war levels.

Read more: http://dinarvets.com/forums/index.php?/topic/18405-rv-ri-rd/#ixzz1ktYos9U6

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Hopeful do you have some documentation that lists those payments?? Thats kinda interesting to me....

Here is a LINK to the IMF's disbursements to Iraq. That page shows how much they have taken by year, but if you click on the disbursed amount it will show the dates the disbursements were made.

IMF does more then give advice, that is laughable. As I recall Iraq had what seem like a choice in the beginning between U.S interest and working with the IMF or the Arab League other middle eastern interest. If you think they had a choice think again and if you think the IMF does not have any control then why do they have press releases on the Iraqi budget? It is all tied together in my opinion and those who follow me know they end with RV....

But the point is that nobody can show anything within the Articles of Agreement from the IMF that give them authority to revalue the currency of any member nation. That is what many people are being led to believe, that the IMF can simple make the change for them which there has been absolutely no evidence put forward to support that idea.

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3.6 Billion is significant funding IMO.

IMF Executive Board Approves US$3.6 Billion Stand-By Arrangement for Iraq

Press Release No. 10/60

February 24, 2010

The Executive Board of the International Monetary Fund (IMF) today approved a two-year Stand-By Arrangement for Iraq for an amount equivalent to SDR 2.38 billion (about US$3.64 billion) to cover the country’s balance of payments needs. The Board’s approval makes an amount equivalent to SDR 297.1 million (about US$455 million) immediately available to the Iraqi authorities.

The new arrangement follows a 15-month program supported by a Stand-By Arrangement, which was approved by the executive Board on December 20, 2007 and expired on March 18, 2009 (Press Release No 07/301). The successor arrangement is designed to support Iraq's economic program over the next 24 months through February 23, 2012.

Following the Executive Board's discussion of Iraq, Mr. Takatoshi Kato, Deputy Managing Director and Acting Chair, said:

“Iraq has made substantial progress in rebuilding its economy and consolidating macroeconomic stability under difficult security and political conditions. The economy was severely affected in 2009 by the drop in international oil prices. The current account and the overall balance of payments are expected to remain in deficit in 2010 and 2011. Similarly, the fiscal position is projected to record large, albeit declining, deficits in both years, before returning to a surplus position in 2012.

“Against this background, the economic program for 2010 and 2011 aims at providing a sound macroeconomic framework during a period of economic and political uncertainties. Consistent with this program, the 2010 budget adopted by parliament seeks to contain current spending while increasing investment to address Iraq’s large rehabilitation needs and improve public service delivery. Monetary and exchange rate policies will continue to aim at keeping inflation low.

“The economic program will also help the authorities move forward with their structural reform agenda. Strengthening the public financial management system is critical to improving the allocation and execution of public resources, as well as enhancing transparency and accountability in the management of the country’s natural resources. The program also incorporates banking sector reforms, including a restructuring of state-owned banks, with a view to improving the financial services required by a growing economy.

“The authorities intend to treat the new Stand-by Arrangement as precautionary should oil prices turn out to be significantly higher than envisaged, or investment execution be lower than budgeted.

“The authorities have made significant progress in their external debt negotiations with official and private creditors. They remain committed to completing the restructuring of remaining non-Paris Club claims,” Mr. Kato stated.

ANNEX

Program Summary

The main objectives of the program are to maintain macroeconomic stability during a period of high economic and political uncertainties (parliamentary elections are scheduled for March 7, 2010), and to provide a framework for deepening structural reforms.

While Iraq’s medium-term economic outlook remains favorable because oil prices and production are projected to increase in the coming years, based on conservative oil price assumptions the current account and overall balance of payments are expected to remain in deficit in 2010 and 2011. Similarly, Iraq’s fiscal position is projected to record large, albeit declining deficits in both years, before returning to a surplus position in 2012.

Against this background, the authorities have designed an economic program for the period through end-2011 and have requested the Fund to support it with a new two-year Stand-By Arrangement. The authorities view the new program primarily as a way to provide a sound macroeconomic framework during a period of high economic and political uncertainties. The authorities’ fiscal program seeks to contain current government spending while catching up on much-needed investment spending. The budget deficit is targeted to decline to 19 percent of GDP in 2010 and further to 6 percent in 2011, before shifting back into surplus in 2012. Monetary and exchange rate policies will continue to aim at keeping inflation low.

The new program will also aim to advance key reforms in the areas of public financial management (PFM) and financial sector development, in close coordination with a Development Policy Loan (DPL) provided by the World Bank. Both operations focus on advancing PFM and bank restructuring action plans prepared by the authorities during 2008 and 2009 with the assistance of Fund and World Bank staff.

http://www.imf.org/external/np/sec/pr/2010/pr1060.htm

Then this next press release extends the funding until July 2012. That means they are still collecting.

IMF Executive Board Completes Second Review Under Stand-By Arrangement with Iraq, Grants Waivers and Approves US$471.1 Million Disbursement

Press Release No. 11/90

March 18, 2011

The Executive Board of the International Monetary Fund (IMF) today completed the second review of Iraq’s economic performance under a program supported by a Stand-By Arrangement (SBA). Completion of the second review makes an additional SDR 297.1 million (about US$471.1 million) available for disbursement, bringing the total resources currently purchased by Iraq under the SBA to SDR 1.069 billion (about US$1.7 billion).

The Executive Board also approved a waiver of applicability of the end-December 2010 performance criteria on the central government fiscal deficit and on the central government spending bill, for which data is not yet available. The Executive Board furthermore approved an extension of the SBA by five months to July 2012, and a rephasing of access under the SBA to match disbursements with Iraq’s balance of payments financing needs.

The SBA was approved on February 24, 2010 (see Press Release No. 10/60) for SDR 2.38 billion (about US$3.77 billion). The SBA supported program aims to ensure macroeconomic stability and provide a framework for advancing structural reforms in Iraq.

Following the Executive Board’s discussion on Iraq, Mr. Naoyuki Shinohara, Deputy Managing Director and Acting Chair, stated:

“Iraq has maintained macroeconomic stability under difficult external and internal circumstances, while making efforts to rebuild key economic institutions. Inflation has remained subdued, and the exchange rate has remained stable. The 2011 budget aims to accelerate investment in public services and infrastructure, and accommodates higher social safety net provisions to support those in need. Iraq’s rehabilitation needs remain large and the higher investment spending is essential to help create a vibrant private sector that provides employment opportunities for Iraq’s large labor force, thus helping to reduce poverty. At the same time, a strong emphasis on ensuring the quality of public spending will be important.

“Decisive efforts to rebuild key economic institutions and improve governance will be critical for private sector development. The formation of the new government and the expected increase in oil production in the coming years offer an opportunity to do so while maintaining macroeconomic stability. Further strengthening public financial management encompasses the introduction of an automated financial management and information system and improvements in cash management which would eventually culminate in the establishment of a single treasury account. Establishing a framework for oil revenues to succeed the Development Fund for Iraq should help ensure continued accountability and transparency. In the financial sector, moving ahead with the financial and operational restructuring of the two largest state-owned banks and enhancing the central bank’s supervision capacity will contribute to creating a financial sector that can provide essential services to the private sector.

“Iraq continues to make progress to conclude debt agreements and resolve outstanding claims under terms comparable to the 2004 Paris Club Agreement.”

http://www.imf.org/external/np/sec/pr/2011/pr1190.htm

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3.6 Billion is significant funding IMO.

They haven't taken 3.6 billion SDR's from the IMF for funding though.

That Stand-By-Agreement was created in February 2010, and Iraq has requested less than 1/3 'rd the amount set aside for the SBA. That SBA also expires in June of this year.

One thing to remember is that it's not like that money is just sitting there waiting on Iraq to take it. Every time they want to receive funds from the SBA they have to submit a Letter of Intent, which is sort of a cross between an action plan and loan request.

You can read more on the LOI's submitted by Iraq since 2004 HERE.

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The problem with the RI idea is that the pre-war dinar was demonitized and replaced with a new currency, a new government and a new CBI.Nothing is the same. So, by definition, you cannot RI a currency that no longer exists. The current IQD was never at 3.22.

The old Saddam currency was replaced solely because of the lack of security features. And could easily be counterfeited.

The new money represents the same devalued worth as the old having the same value as the old money.

In Kuwait they did exactly the same thing. They issued new currency to represent the old because Saddam had stolen the printing plates. Then to the surprise of many they later reinstated the value of the currency.

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The old Saddam currency was replaced solely because of the lack of security features. And could easily be counterfeited.

The new money represents the same devalued worth as the old having the same value as the old money.

In Kuwait they did exactly the same thing. They issued new currency to represent the old because Saddam had stolen the printing plates. Then to the surprise of many they later reinstated the value of the currency.

Ok, I have to ask - where are people getting that Saddam stole the printing plates during the occupation period?

Since their currency was produced by De La Rue, it wouldn't make sense that the printing plates would have even been in Kuwait.

During the exchange for the new KWD, there was stated to be about $2 billion worth that were known to have been stolen by Saddam's forces and the CBK posted the serial numbers of the notes that would not be exchanged for new notes.

If Saddam had stolen the plates he could have produced as many notes as he wanted and the CBK would have had no idea what the serial numbers were.

Security features were likely a reason for Iraq creating a new currency, but pretty sure the image of Saddam on them had something to do with them being replaced too... :lol:

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Ok, I have to ask - where are people getting that Saddam stole the printing plates during the occupation period?

Since their currency was produced by De La Rue, it wouldn't make sense that the printing plates would have even been in Kuwait.

During the exchange for the new KWD, there was stated to be about $2 billion worth that were known to have been stolen by Saddam's forces and the CBK posted the serial numbers of the notes that would not be exchanged for new notes.

If Saddam had stolen the plates he could have produced as many notes as he wanted and the CBK would have had no idea what the serial numbers were.

Security features were likely a reason for Iraq creating a new currency, but pretty sure the image of Saddam on them had something to do with them being replaced too... :lol:

I'm not sure about the plates. Thought I read it somewhere. Here we go. This is what happened in Iraq. If you look on Google you might find that Kuwait's plates were taken.

http://books.google....0plates&f=false

I know it was also for similar reasons. Like the stolen 2 billion you mentioned. And the lack of security measures.

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How about Phoenix aka asdf? He's usually quite conservative about the dinar investment and I've never heard him say "go and buy your dinars now!, RV is going down tonight.". I think he would be good to put in the last list of names. JMO

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I'm not sure about the plates. Thought I read it somewhere. Here we go. This is what happened in Iraq. If you look on Google you might find that Kuwait's plates were taken.

http://books.google....0plates&f=false

I know it was also for similar reasons. Like the stolen 2 billion you mentioned. And the lack of security measures.

Yeah, Bremer has stated that having to print all the Saddam dinars (250's) after Saddam's removal from power was not a highlight for him. :lol:

But the only place that the statements about the plates for Kuwait dinar being stolen that I have found were in chats on dinar forums, mostly from Medic. But again, it makes no sense that the plates would have even been in Kuwait to be stolen, as they did not print their own currency.

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these people in Iraq are MOTIVATED BY POLITICS AND LOCAL POLITICS ... NOTHING ELSE ! .. they know they can sell the oil and that is a fact ..

they are not bound thus by our as they feel, bull **** laws and they are going to be spontaneous and self centered when they do anything because they are surviving the politics of tribal conflict to control the oil .. that is the problem here and thus any decision by these people is going to be a power motivated issue and not a structured legal issue let alone a christian rest of world supported move.. by roman- judeo - christian laws ..

all of you on these sites think and talk as if these Iraqi people are bound by our laws .. and have to act on our agreements we forced on them .. they don't! .. and they are going to show this and soon as I feel .. thus they may R-V with out a chapter seven .. or other rules etc etc... IMF or GOI .. total bull **** to them really ..

they are now in real problems with syria and Iran their long time enemy .. .. they have to do something and this is a emergency for them before Iran says .. lets get em while the getting is good.. thus It is local politics that is going to force the Iraqi to get a curency that is theirs and is valued above the dollar ..

not the chapter seven or all the other bull **** western reasons ... NONE OF THIS CRAPOLA IS A REASON FOR A IRAQ INCREASE IN THEIR DINAR!

they are Arab and they are tribal .. they also are Iraqi before they are Iranian ... thus they better get their asses in gear hear and get this currency thing done .. and TheY now ARE WORRIED AND get the point .. IRAN IS COMMING .. and this IS THE ONLY ! only... reason they will do a higher value in the Dinar and this is also why they will do it ... now dam soon .. they need it to get tha Iranian out and get the U.S. DOLLARS OUT .. IRAN IS VERY DANGEROUS TO THEIR SOVERGN ASSES NOW .. and they do know this ..

NEXT THEIR IS ANOTHER THREAT BEING PLAYED IN THE BACK GROUND HERE BY THE SUNI'S

pretty soon their own army is going get tired of the threat that Iran is and end this experiment with the democracy .. and the politicians no this .. they are out of time .. the Iraqi army will not .. be taken by Iranian.. forces bet me .

THIS IS GETTIN SERIOUS FOR THE PRESENT GOVERNMENT IN IRAQ .. THEY NEED THIS NEW DINAR VALUE AND THEY NEED TO OPPERATE ON THEIR OWN MONEY TO BE ABLE TO BE VALID ..

ASK YOUR SELFS WHY OLE SHABI BI IS OUT OF THE COUNTRY WHEN ALL THIS MAY OCCURE ? .. funny thing hu? ... then ask why the Army commanders have not been saying a word so far .. which side are they on hear ?

if you don't allow the currency to go any where and you stay out of country .. then the current government self destructs .. and when it changes and the army is left .. as only organized body .. then you return and start a arab country arab style not western style ...

so these boys in power are in a very bad possition by the pollitics .. and if they don't increase the value of this curency soon and get the people richer .. they are going to be the blame for the mess and be out along with this currency

thus if I was ole Sunni / Shabibi ... i would not raise the value of the currency much and watch em all self destruct .. and return when the army is only body left in power in Iraq and then again only one tribe has all that oil ..

this is how its done Arab style people .. ok?

IRAN .. is going to get us this Dinar increase and no other reason ok .. no other reson for it to happen now .. none! these guys are all about pollitics and tribal power .. not our western rules and banking laws and all the things you all say on these sites .. tribal power and .. pollitics .. and a dam healthy hatred for Iran

this investment depends only on if IRAN THREATENDS THESE GUYS AND NIETHER OF THEM HAS ANY MORE TIME .. ! then they have to raise the curreent Dinar and stop IRAN .. screw everything else .. non of it all matters .. its their world their game .. if where lucky .. we get a money maker off IRAN .. other wize we are screwed is my oppinion .

is opposite our comfort zone... but it is the way it is ..

every thing they do is way far from our parralel ,,

all of you say things in a western type of figuring them out .. and this is not how to evaluate these people I think?

the best way to understand them and their motivations is not our world laws and or structure of laws and roman-Judeo -christian based laws and world.. THEIR NOT US and they are where all civilization first started... civilization started their this is a historical fact

when one reads the cuneiform tablets they are no different though from 5000 years ago in iraq to now any where in the world .. they had same problems but solved them differently than us then and now .. though they have same human problems their ways are foreign to us ..

you all act like the arab world gives a dam really about our rules .. we place on them .. do you really believe this is true.

they only play with our world because of oil and some other technology they want to trade with us for .. they don't want our law and they will not accept it as we think .. or we won't get any oil .. and thats a fact! ..

thus ; they will R-V or R-I or R-D .. as we define this .. maybe or maybe not

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Yes it's from the same gurus that have been on an hour to hour watch since the middle of December. Absolutely no credible information what so ever. As a matter of fact, Dinar Douchbags did a great piece on the gurus and most of these names fell in the first category.

Here is a copy of an edited piece of that article. I chose to add a few of my own and take away a few others. I kept a copy of the article because I have a running list of who is credible or not IMO.

Enjoy

The Usual Suspects

I've been asked several times, "Who can I trust in the dinar world?" Well, I can't say for certain that you can completely trust anybody, but I think at this point it's safe to say that some are more trustworthy than others.

First we have the people who are saying things every week like "the RV is happening, the rate will be $4 or more, prepare for cash in" .... etc. This isn't an exhaustive list but it's a start. The usual suspects are:

TonyTNT

Dan Atkinson aka "zzzzzzzzz"

Jonnywg

Okie Oilman

Freeway Bill

Footforward

BWM

Bluwolf

Blaino

TerryK

Poppy3

Bulldog75

Hammerman

Gankans

ScottiG

Bear5642

LGTENNIS

Soonerfan62

cap1

Georgiaboy

papajack

IMO you should completely disregard everything that these people have to say. Avoid them like the plague! They're a cancer on the dinar investment.

Next we have the people who don't give rates and dates every week but frequently serve up a heapin' helpin' of BS news analysis. Among them are:

Breitling

Medic

Frank26

Mailman17

JoeP

Kaperoni

Enorrste

SteveI

Wang Dang

Yukon

Take what these people say with a grain of salt. Some of what they say is true but a lot of it isn't. They often offer opinions as facts and most are selling something or have their own website to promote.

The people who IMO offer honest analysis with no hidden agenda are:

Randy Koonce

another site

Scooter

Highlander

Marcus Curtis

Enoch8

Patriot

JayP

Chuckles

Proteus

I don't agree with these guys on everything but I think they're honest and informed, and I can listen to them without tossing my cookies.

The bottom line is - do your own research. Use these people not for your sustenance but for guidance to the information you need to draw your own conclusions.

Hate to tell you but Gankans is also Highlander so you might want to rethink that.

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The problem with the RI idea is that the pre-war dinar was demonitized and replaced with a new currency, a new government and a new CBI.Nothing is the same. So, by definition, you cannot RI a currency that no longer exists. The current IQD was never at 3.22.

wrong... <_<

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